Company Accounts

20 Questions  I  By Sweetsalman123

  
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1.  V.K. Ltd. Forfeited 20 shares of Rs. 100 each (Rs. 60 called up) issued at par to Mohan on which he had paid Rs. 20 per share. Out of these 15 shares were reissued to Sohan as Rs. 60 paid up for Rs. 45 per share. Amount  transferred to capital reserve will be  
A.
B.
C.
D.
2.  10,000 equity shares of Rs. 10 each were issued to public at a premium of Rs.2 per share. Applications were received for 12,000 shares. Amount of securities premium account will be  
A.
B.
C.
D.
3.  Mohit Ltd had 9000,10% redeemable preference shares of Rs.10 each, fully paid up. The company decided to redeem these preference shares at par by the issue of sufficient number of equity shares of  Rs.10 each fully paid up at a discount of 10%. The number of equity share issued should be
A.
B.
C.
D.
4.  T Ltd. purchased land and building from U Ltd. for a book value of Rs.2,00,000. The consideration was paid by issue of 12% Debentures of Rs.100 each at a discount of 20%. The debentures account will be credited with  
A.
B.
C.
D.
5.  A company issued Rs. 2,00,000 15% debentures at a discou it of $% redeemable after 10 years at a premium of 10%. Loss on iss ue of debentures will be  
A.
B.
C.
D.
6.  Sometimes directors pay dividend even before the year is closed and the payment is out of current year's profit. It is usually given on the debit side of trial balance and because it is an appropriation of profits, it is recorded on the debit side of profit and loss appropritation account.It is called
A.
B.
C.
D.
7.  As per the Companies Act, "Interest accrued and due on debentures" should be shown  
A.
B.
C.
D.
8.  W Ltd. issued 20,000, 8% debentures of Rs.10 each at par, which are redeemable after 5 years at a premium of 20%. The amount of loss on redemption of debentures to be written off every year will be 
A.
B.
C.
D.
9.  (i) 1,00,000 Equity shares of 10 each fully called up. (ii)  Calls in arrears Rs. 10,000 (iii)  Calls in advance Rs. 5,000 (iv)   Proposed dividend 15% Dividend payable will be  
A.
B.
C.
D.
10.  Beta Ltd was formed as a public limited company with on authorised capital of Rs.2000000 divided into shares of Rs.10 each. Beta Ltd issued fully paid up share of Rs.10 each in consideration of acquiring asset worth Rs.380000 from M/s Rahim Bros. The shares are issued at a premium of 25%. To record this transaction share capital need to be credited by   
A.
B.
C.
D.
11.  A company cannot issue redeemable preference shares for a period exceeding
A.
B.
C.
D.
12.  The following information pertains to X Ltd. Equity share capital called up Rs.5,00,000 Calls in arrear Rs. 40,000 Calls in advance Rs. 25,000 Proposed dividend 15% The amount of dividend payable = ?  
A.
B.
C.
D.
13.  Discount on issue of debentures is a____________  
A.
B.
C.
D.
14.  Omega Ltd. purchased assets of Alfa Ltd. for purchase consideration of Rs.6 lacs. It was decided that the purchase consideration will be discharged by issue of 10% debentures of Rs.100/-each at a premium of 20%. The number of debentures issued will be  
A.
B.
C.
D.
15.  On equity share of Rs.20, the company has called up Rs.18 but actually received Rs. 18. The Share capital would be credited by  
A.
B.
C.
D.
16.  Issued 2000,12% Debentures of Rs. 100 each at a discount of 2% redeemable at a premium of 5%. Loss on issue of debentures will be  
A.
B.
C.
D.
17.  Pavan Ltd. Authorized capital 60,000 shares of 10 each. 4000 fully paid shares were issued to promoters for their services. This amount will be debited to  __________.  
A.
B.
C.
D.
18.  In the trial balance of joint stock company the following balances are given (i)10% Mortgage debenture                         4,00,000         (payable after 4 years) (ii) Discount allowed on issue of debenture  10,000 Amount of discount written off per year will be  
A.
B.
C.
D.
19.  A share of Rs.200 each issued at discount of 10% is forfeited for non­payment of final call @ Rs.50 per share. The maximum loss it can bear in the re-issue of shares will be  
A.
B.
C.
D.
20.  Tarun Ltd purchased building from Varun Ltd for a book value of Rs.400000. The consideration was paid by issue of 12% debentures of Rs.100 each at a discount of 20%. The debenture account will be credited
A.
B.
C.
D.
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